Resources For Businesses

Governor Lamont ordered all non-essential businesses and non-profits to suspend in-person business operations in the State of Connecticut effective Monday, March 23, at 8 p.m. Following this order, the State of Connecticut, in conjunction with the U.S. Government, has implemented several emergency measures to assist businesses.

Small Business Administration Loans

Paycheck Protection Program: provides small businesses with funds to pay up to 8 weeks of payroll costs, including benefits. Funds can also be used to pay interest on mortgages, rent and utilities. The funds are provided in the form of loans that will be forgiven if the funds are spent for the intended purpose; otherwise, loan payments will be deferred for six months. Applications can be submitted beginning on April 3 for small businesses and sole proprietorships; independent contractors and self-employed individuals can also apply beginning on April 10. No collateral or personal guarantees are required in connection with these loans, which will be administered through existing SBA 7(a) lenders. (For a list of Connecticut 7(a) lenders, click here.)

Economic Injury Disaster Loans: provides small businesses with working capital loans up to $2 million to help overcome loss of revenue stemming from COVID-19. These loans also include loan advance of up to $10,000, which will be made within days of filing an application. These advances will not need to be repaid. You can apply for these loans on the SBA’s website at https://covid19relief.sba.gov.

Connecticut Department of Economic and Community DevelopmentThe Connecticut Department of Economic and Community Development (DECD) has set up a COVID-19 Business Emergency Response Unit to assist Connecticut businesses, which can be reached at their hotline 860-500-2333. The DECD is also administering the Connecticut Recovery Bridge Loan Program, which as of March 27, has been closed to further applications. If you applied for the Recovery Bridge Loan Program, you must get all of the required documentation to the DECD no later than seven days from the date you submitted the application or your application will be denied.

Tax Filing ExtensionsThe Connecticut Department of Revenue Services has extended the filing dates for certain business returns and the related payment deadlines as follows:

In addition, for certain small businesses, the sales tax and room occupancy tax deadlines have automatically been extended. To check if your business qualifies for these extensions, please check the Connecticut Department of Revenue Services website.

Unemployment InsuranceEmployers who are furloughing workers can use the Department of Labor’s Shared Work program, which allows businesses to reduce working hours and have those wages supplemented with unemployment insurance. The Connecticut Department of Labor is awaiting details and guidance from the federal government regarding the pandemic included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.

If you need assistance or have any questions regarding your business documents, please contact Kate Diehm.